--- title: "U.S. stock market update: Highway falls 15.91%, stock price plummets due to unmet joint venture expectations" type: "News" locale: "en" url: "https://longbridge.com/en/news/293780417.md" description: "Highway fell 15.91%; Parker Hannifin rose 0.93%, with a transaction volume of USD 205 million; Dover rose 2.37%, with a transaction volume of USD 186 million; Otis Worldwide - WI rose 1.26%, with a transaction volume of USD 9.347 million; Illinois Tool Works rose 1.52%, with a market value of USD 80.9 billion" datetime: "2026-07-24T16:32:57.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293780417.md) - [en](https://longbridge.com/en/news/293780417.md) - [zh-HK](https://longbridge.com/zh-HK/news/293780417.md) generator: "portal-rs" --- # U.S. stock market update: Highway falls 15.91%, stock price plummets due to unmet joint venture expectations **U.S. Stock Market Midday Update** Highway Holdings Limited fell 15.91%. Based on recent key news: 1. On July 22, Highway Holdings Limited announced a preliminary agreement with Huahu to establish a joint venture. This news raised market concerns about the company's future growth, leading to a significant drop in stock price. Source: Highway Holdings Limited 2. On July 22, the company's operations in Myanmar resumed, but it faces challenges from economic, competitive, and political factors that impact revenue and market performance. Source: Highway Holdings Limited 3. On July 22, Highway Holdings Limited's financial results showed a significant shift; despite challenges, the company is still striving for sustainable growth. Source: Highway Holdings Limited. The market is highly competitive, and macroeconomic uncertainties are increasing. **Top Stocks by Industry Trading Volume** Parker Hannifin rose 0.93%. Based on recent news: 1. On July 24, MarketBeat reported that analysts believe five stocks are more worthy of investment than Parker Hannifin. Although Parker Hannifin received a "Moderate Buy" rating, top analysts are more optimistic about other stocks, which may affect investor confidence in Parker Hannifin, leading to stock price fluctuations. 2. No other significant news recently. 3. No other significant news recently. The U.S. stock market has been quite volatile lately and requires attention. Dover rose 2.37%, with increased trading volume. Based on recent key news: 1. On July 23, Dover released its second-quarter financial report, with adjusted earnings per share of $2.74, exceeding expectations by $0.02, and revenue of $2.19 billion, a year-on-year increase of 6.8%, but below analysts' expectations of $2.21 billion. Despite revenue not meeting expectations, improved profitability drove the stock price up. Source: Reuters 2. On July 23, Dover raised its full-year earnings and revenue guidance for 2026, expecting annual revenue growth of 6% to 8%, with adjusted earnings per share between $10.55 and $10.75. The raised guidance reflects strong market demand and order momentum, enhancing investor confidence. Source: Dover Company Announcement 3. On July 23, Dover stated in a conference call that despite uncertainties such as geopolitical and cost pressures, the company plans to support the conversion of backlog orders by expanding capacity, expecting revenue and cash flow growth in the second half of the year. Source: Company Conference Call Record. The demand in the industrial equipment sector is strong, with significant order growth. Otis Worldwide rose 1.26%. Based on recent news: 1. On July 22, Otis Worldwide reported second-quarter earnings per share of $1.12, exceeding market expectations of $1.01. The company's revenue reached $3.859 billion, a year-on-year increase of 7.3%, driving the stock price up 2. On July 22, Otis Worldwide lowered its full-year earnings forecast, expecting adjusted earnings per share to be between $4.01 and $4.05, down from the previous expectation of $4.20 to $4.24. Nevertheless, strong growth in the service business partially offset the weakness in new equipment sales. 3. On July 23, Otis Worldwide announced a quarterly dividend of $0.44 per share, to be paid on September 11. This news boosted investor confidence and further drove up the stock price. The elevator and escalator industry has performed strongly recently, with significant growth in the service business. **Stocks Ranked Among the Top by Market Capitalization in the Industry** Illinois Tool Works rose by 1.52%. The recent increase in Illinois Tool Works' stock price was mainly influenced by the market's positive assessment of its financial stability and low-risk rating. According to analysis by Simply Wall St, the company performed well on financial and risk metrics, attracting investor attention and driving up the stock price. 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